Daily Pivots: (S1) 0.8667; (P) 0.8694; (R1) 0.8745; More…
EUR/GBP surges to as high as 0.8751 so far. The firm break of 0.8720 resistance should confirm resumption of whole rise from 0.8201. Intraday bias will be back on the upside for 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857. On the downside, break of 0.8624 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
In the bigger picture, sustained trading above 38.2% retracement of 0.9499 to 0.8201 at 0.8697 will argue that rise from 0.8201 is a medium term up trend, rather than a correction. Further rally would be seen back to 61.8% retracement at 0.9003. This will now be the favored case as long as 0.8338 support holds.
